PNB fraud: Urjit Patel says RBI has 'limited authority' over PSBs

India's central bank chief said on Wednesday the regulator had "very limited authority" to hold state-run banks accountable and called for a leveling of the playing field between public sector and private sector banks. In a speech at law university in the Western Indian state of Gujarat, Reserve Bank of India Governor Urjit Patel said "Market discipline mechanism for public sector banks is appreciably weaker compared to that at private banks." (Text: Reuters)